Karachi, March 13, 2007
IFC, the private sector arm of the World Bank Group, recently signed an advisory services agreement with Tameer Microfinance Bank to help the institution expand its outreach and provide greater access to finance in Pakistan. IFC also disbursed a $3.7 million long-term loan to the bank in December 2006 to support its rapid growth in lending. The project will be managed by IFC’s advisory services facility for the region, the Private Enterprise Partnership for the Middle East and North Africa.

Advisory services are part of a broader IFC program to help Tameer Bank launch innovative microfinance solutions and find commercially viable ways to reach its growing client base. The project will assess the demand for branchless banking in Pakistan and related technology development, develop new products for rural areas, and provide training to its growing middle management.

Michael Essex, IFC’s Director for the Middle East and North Africa, commented, “We are pleased to support Tameer’s efforts to ramp up its services to microentrepreneurs in Pakistan. IFC’s support is designed to help Tameer achieve outreach and scale, as well as meet the large demand gap, estimated to be at least 7 million households, for finance from small-scale entrepreneurs.”

Nadeem Hussain, President and CEO of Tameer Microfinance Bank, said, “We value our ongoing collaboration with IFC a provider of equity, debt, and advisory services. We would like to underscore that a commercial approach to microfinance is critical to maximizing outreach and effectively supporting the entrepreneurial activities of Pakistan’s underserved population. We look forward to a long-term and broad based partnership with IFC.”